Etymology
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wrack (n.)
late 14c., "wrecked ship, shipwreck," probably from Middle Dutch wrak "wreck," from Proto-Germanic *wrakaz-, from root *wreg- "to push, shove, drive" (see wreak). The root sense perhaps is "that which is cast ashore." Sense perhaps influenced by Old English wræc "misery, punishment," and wrecan "to punish, drive out" (source of modern wreak). The meaning "damage, disaster, destruction" (in wrack and ruin) is from c. 1400, from the Old English word, but conformed in spelling to this one. Sense of "seaweed, etc., cast up on shore" is recorded from 1510s, probably an alteration of wreck (n.) in this sense (mid-15c.). Wrack, wreck, rack and wretch were utterly tangled in spelling and somewhat in sense in Middle and early modern English.
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wrack (v.)

"to ruin or wreck" (originally of ships), 1560s, from earlier intransitive sense "to be shipwrecked" (late 15c.), from wrack (n.). Often confused in this sense since 16c. with rack (v.1) in the sense of "torture on the rack;" to wrack one's brains is thus erroneous. Related: Wracked; wracking.

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nerve-wracking (adj.)

also nervewracking, 1867, from nerve (n.) + present participle of wrack (v.). See nerve-racking.

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wreck (n.)
early 13c., "goods cast ashore after a shipwreck, flotsam," from Anglo-French wrec, from a Scandinavian source akin to Old Norse *wrek "wreck, flotsam" (source also of Norwegian, Icelandic rek), related to reka "to drive, push," from Proto-Germanic *wrekan (see wreak (v.)). The meaning "a shipwreck" is first recorded mid-15c.; that of "a wrecked ship" is by c. 1500. General sense of "remains of anything that has been ruined" is recorded from 1713; applied by 1795 to dissipated persons. Compare wrack (v.).
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rack (n.3)

[clouds driven before the wind], c. 1300, rak, "movement, rapid movement," also "rush of wind, collision, crash," originally a northern word, possibly from Old English racu "cloud, storm" (or an unrecorded Scandinavian cognate of it), reinforced by Old Norse rek, *rak "wreckage, jetsam," or Old English wræc "something driven," both of which would be from Proto-Germanic *wrakaz, from PIE root *wreg- "to push, shove, drive" (see urge (v.)).

From late 14c. as "rain cloud." Often confused with wrack (n.) "destruction," especially in the phrase rack and ruin (1590s), which perhaps is encouraged in that case by the visual alliteration. Rack is "fragments of raggy clouds;" wrack is, in its secondary sense, "seaweed cast up on shore." Both probably come, ultimately, from the same PIE root, as does wreak.

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wreak (v.)

Old English wrecan "avenge," originally "to drive, drive out, punish" (class V strong verb; past tense wræc, past participle wrecen), from Proto-Germanic *wrekanan (source also of Old Saxon wrekan, Old Norse reka, Old Frisian wreka, Middle Dutch wreken "to drive, push, compel, pursue, throw," Old High German rehhan, German rächen "to avenge," Gothic wrikan "to persecute"), from PIE root *wreg- "to push, shove, drive, track down" (see urge (v.)). Meaning "inflict or take vengeance," with on, is recorded from late 15c.; that of "inflict or cause (damage or destruction)" is attested from 1817. Compare wrack (v.). Related: Wreaked; wreaking.

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nerve-racking (adj.)

also nerveracking, "causing anxiety or mental stress," 1812, from nerve (n.) + present participle of rack (v.1). Between nerve-racking and nerve-wracking (1867) this is probably the better choice as a figure of speech, but the sense of wrack (v.), though less suitable in the image, is not obviously wrong.

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phyco- 

word-forming element in modern science meaning "seaweed, algae," from Latinized form of Greek phykos "seaweed, sea wrack," also "rouge, red make-up made from seaweed;" Beekes writes that it is a loan-word from Semitic and compares Hebrew pūk "eye-rouge." "The meaning 'make-up' is therefore primary for [phykos], too; hence 'seaweed'." Compare fucus, which is probably a Latin borrowing of the Greek word.

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fuchsia (n.)
red color (like that of the Fuchsia flowers), 1921, from the ornamental shrub (named 1703 by French botanist Charles Plumier; by 1753 in English), from the Latinized name of German botanist Leonhard Fuchs (1501-1566) + abstract noun ending -ia. The German surname is literally "fox." Not related to Latin fucus "seaweed, sea wrack, tangle" (see fucus) which also gave its name to a red color prepared from it.
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